Creation Technologies International Inc. signed a definitive merger agreement to acquire IEC Electronics Corp. (NasdaqGM:IEC) for approximately $170 million on August 12, 2021. Under the agreement, Creation Technologies made a tender offer to purchase all of the issued and outstanding shares of IEC Electronics Corp at a price of $15.35 per share in cash, representing a fully diluted equity value of approximately $173.8 million and an aggregate enterprise value of $242.3 million, based upon net debt of $68.6 million. The transaction has been amended on September 1, 2021. The merger agreement provides for a “go-shop” period, during which IEC (acting through its financial advisor) will actively initiate, solicit, facilitate, encourage and evaluate alternative acquisition proposals, and potentially enter into negotiations with any parties that offer alternative acquisition proposals. The “go-shop” period is 35 days subsequent to signing of the Merger Agreement, ending September 16, 2021. Upon completion of the transaction, IEC will become a privately-held company and shares of IEC’s common stock will no longer be listed on any public market. Following the closing of the tender offer, a wholly-owned subsidiary of Creation will merge with and into IEC, with each share of IEC common stock that has not been tendered being converted into the right to receive the same $15.35 per share in cash offered in the tender offer. The offer will be financed through Creation Technologies’ cash on hand and a committed debt financing package provided by JPMorgan Chase Bank and Citizens Bank consisting of senior secured credit facilities in an aggregate principal amount of up to $545 million, comprised of a first lien senior secured term loan in an aggregate principal amount of $455 million and a first lien senior secured asset-based revolving credit facility in an aggregate principal amount of $90 million. IEC Electronics will be required to pay Creation Technologies a termination fee equal to $7.601783 million, approximately 4.375% of the equity value of the IEC implied by the Transaction and Creation Technologies will be required to pay the IEC Electronics a reverse termination fee equal to $9.990915 million, approximately 5.75% of the equity value of the Company implied by the transaction. The tender offer is subject to customary closing conditions, including the tender of at least two-thirds of the total number of IEC’s outstanding shares and the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the merger agreement shall have been terminated and others. The transaction has been unanimously approved by the Boards of Directors of both IEC Electronics Corp. and Creation Technologies International. The Boards of Directors of both IEC Electronics Corp. and Creation Technologies International resolved to recommend that the company’s stockholders accept the offer and tender their shares pursuant to the offer. As of September 3, 2021, the required waiting period under the HSR Act expired. As of September 16, 2021, Go-Shop period for the transaction has expired. The offer commenced on August 26, 2021 and will expire on September 23, 2021, unless extended. As on September 23, 2021, 6.4 million shares of common stock of IEC, representing approximately 60.0% of the issued and outstanding IEC shares, were tendered pursuant to the tender offer. On September 24, 2021, the offering period of the tender offer has been extended to September 30, 2021, unless further extended. The offering period was extended because less than two-thirds of IEC’s shares have been tendered. As of October 1, 2021, the offering period of the tender offer has been extended to October 4, 2021. B. Riley Securities, Inc. is serving as exclusive financial advisor and fairness opinion provider to IEC and Alex D. McClean and Thomas R. Anderson of Harter Secrest & Emery LLP is serving as legal counsel to IEC. Moelis & Company LLC is serving as exclusive financial advisor to Creation Technologies and William P. Gelnaw and John R. Pitfield of Choate, Hall & Stewart LLP is serving as legal counsel to Creation Technologies. D.F. King & Co., Inc acted as information agent for the offer and Computershare Trust Company, N.A acted as depository and paying agent to IEC. Aaron Dixon of Alston & Bird LLP acted as legal advisor to B. Riley Securities, Inc. Creation Technologies International Inc. completed the acquisition of IEC Electronics Corp. (NasdaqGM:IEC) on October 4, 2021. A total of 7,731,697 shares had been validly tendered into and not validly withdrawn from the Offer, which tendered shares represent approximately 72.5% of IEC’s outstanding shares of common stock and a sufficient number of shares such that the minimum tender condition to the Offer was satisfied. Additionally, the depository has advised that an additional 372,889 shares had been tendered by notice of guaranteed delivery, representing approximately 3.5% of the IEC shares of common stock outstanding. Accordingly, all shares that were validly tendered and not validly withdrawn were accepted for payment,